What’s equally important, in my opinion, is clarifying what can be done and which level of government can do it.

In Canada, as far as I can tell, only the federal and provincial governments have the ability to regulate offshore ownership of land, and only a few — like Saskatchewan, where local control of farm land is a priority — have done so.

If foreign investment is the problem many believe it is, what can be done about it? Is the city the right level of government?

Even more critical, in my view, is research on the state of affordable housing stock, including co-ops, non-profits and low-cost rental housing in older neighbourhoods. Protecting that stock — or ensuring it is renewed and expanded — may prove more important in coming years than trying to manage the impact of investment patterns in the global economy.

Geoff Meggs was elected to City Council in November 2008 on the Vision Vancouver team led by Gregor Robertson. He lives with his wife, Jan O’Brien in a False Creek town house. They have two adult daughters. READ MORE